I need help with correcting my excess Roth IRA contribution for the 2022 tax year. I contributed 6k to my Roth IRA in 2022 but recently discovered that my MAGI exceeded the limits, making me ineligible for any contribution that year. Today's date is Nov 19, 2023, and I have not taken any corrective action yet. I understand that I am facing a penalty (6%?) for not withdrawing the excess contribution by the deadline.
- How do I correctly calculate and report the penalty I owe for the 2022 and 2023 tax years?
- When using TurboTax, which service level should I select to ensure I get the necessary help with this issue?
- Is there any additional advice for filing an amended return for 2022 to address this excess contribution?
I would appreciate any detailed instructions on how to navigate this situation using TurboTax, and whether I should directly seek assistance from a CPA outside TurboTax.
